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World Property Crisis Hinders Market Boom In Bulgaria

The increase in Bulgaria in 2008 will be slower than in 2007 because of the residential property market crises in the US and Europe.

The prices in Bulgaria would not drop, but the increase will remain within 10 per cent, experts said as quoted by Pari daily.

After years of growth, the prices of real estate in some European markets went down. Spain and Ireland registered a firm decrease in the prices, property became less expensive in the Baltic countries as well, Pari said.

UK newspaper Telegraph even wrote about a crash in part of the overheated property markets, similar to the collapse of the mortgage credits in the US.

The property market in Bulgaria is among those less affected from the crisis in the US and Europe, real estate agents and economists said. Prices would continue rising, but more slowly, they said.

Up to now, prices in Bulgaria were rising by 15 to 20 per cent per year, Pari said.